Panacea Biotec enters into an agreement with PT Bio Farma to manufacture Measles Vaccine

Panacea Biotec Ltd on July 11, 2006 has announced their agreement with PT Bio Farma, Indonesia to manufacture & market the Measles Vaccine. The agreement was signed in New Delhi by Mr Rajesh Jain, Joint Managing Director, of the Company and Mr Marzuki Abdullah, President Director, PT Bio Farma.

Measles, an infectious viral disease is one of the causes of mortality amongst the infant. Though there has been a decline in the cases reported for measles due to effective vaccination, yet it is common and even epidemic in several parts of the world. "Panacea Biotec plans to supply the vaccine to UNICEF, PAHO countries, Countries in Africa Region, LATAM Countries, Asian Region, CIS Countries and countries in Middle East, in furtherance to the current WHO and UNICEF Global Measles Reduction Strategy," says Mr Rajesh Jain, Joint Managing Director, of the Company.

"As per the terms of agreement, Panacea Biotec will procure the bulk vaccine from PT Bio Farma & formulate it into a finished product. We will manufacture and supply the Measles Vaccine in the defined global markets. Measles vaccine is expected to be commercially ready by end 2007. Globally the size of the measles vaccine market is estimated around USD 25-30 million. Demand of Measles vaccine is estimated at 40 million doses annually in India. Currently PT Bio Farma is one of the four manufacturers, pre-qualified by WHO for supply of measles vaccine to UN agencies. This collaboration will help boost Panacea Biotec´s revenues and profits besides widening the product range." Mr Rajesh Jain explained further.

Source : Equity Bulls

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